WHERE THE BILL OF LADING IS ENDORSED BY A PARTY OTHER THAN THE PARTY TO WHOSE ORDER IT IS MADE OUT Not far from my home. QUESTION Dear Mr. Old Man, I have a very urgent case that needs your opinion. B/L made out to the order of Bank A and notify Applicant. However, it is endorsed by Bank B (the Beneficiary’s bank) by mistake. The issuing bank raised the discrepancy. Is the discrepancy valid? Thank for your support PTH —— … Read More
MISSING COPIES OF NON NEGOTIABLE BILL OF LADING MISSING COPIES OF NON NEGOTIABLE BILL OF LADING. Read More
MISSING COPIES OF NON NEGOTIABLE BILL OF LADING QUESTION LC requires: Full 3/3 set of original and 4 non-negotiable copies bill of lading made out to order of issuing bank marked freight prepaid and notify applicant. We as confirming bank sent the documents without non-negotiable copies. The issuing bank cited the discrepancy “Less 3 non-negotiable copies of bill of lading”? Can by any way we as nominated bank … Read More
WHERE ORIGINAL BILLS OF LADING ARE LOST IN TRANSIT WHERE ORIGINAL BILLS OF LADING ARE LOST IN TRANSIT QUESTION Dear Mr. Old Man! We need your advice regarding documents (including original bills of lading made out to the order of our bank) lost in transit. Our bank issued LC in favor of the beneficiary in Indonesia. As the goods arrived at the port of discharge before the documents, our … Read More
STALE DOCUMENTS AND STALE BILL OF LADING Yellow sandy beach (Da Nang, Vietnam) QUESTION Dear Mr. Old Man, I have a question regarding “stale documents” and “stale bill of lading”. What is the difference between “stale documents” and “stale bill of lading” Thank you. LN ————– ANSWER Hi, In LC transactions, stale documents are understood as the documents presented later than 21 calendar days after the date … Read More
WHERE LC CONTAINS THE CLAUSE “NO THIRD PARTY DOCUMENTS WILL BE ACCEPTED” A ride to Yellow Sand Beach QUESTION Mr. Old Man, It will be helpful if you could help me out regarding Transferable LC. I have got Transferable LC with Clause that ” No Third Party Documents will be accepted” and Buyer’ s bank has refused to amend this detail. But the B/L and Certificate of Origin and all will have … Read More
ASSIGNMENT OF PROCEEDS UNDER LETTER OF CREDIT A corner of Hoi An Ancient City QUESTION Good morning Mr. Old Man, I would like to ask for your opinion on the following:There are two presentations by two different Chinese banks under an usance L/C issued by us. Notices of acceptance were sent. Now each bank advised us that it has irrevocable and unconditionally assigned the proceeds to two … Read More
WHERE BILL OF LADING SHOWS DIFFERENT CONSIGNEE QUESTION Dear Mr. Old Man, I have a question that needs your help. LC issued by AGRIBANK requires “BL made out to order of AGRIBANK ” BL presented was made out to the order of BNP PARIBAS (SUISSE) SA, which endorsed the BL to the order of ABM AMRO BANK, which endorsed the BL to the order of OTTO STANDTLANDER GmbH, … Read More
INSURANCE DOCUMENT ISSUED TO ORDER QUESTION Dear Mr. Old Man, I am a newcomer at a forwarding company. I have a question for you: LC issued by SHINHAN BANK SEOUL stipulates: “Full set of marine insurance policy or certificate endorsed in blank for 110 % of invoice value with claims payable in Korea in the currency of draft, covering the institute cargo clauses.” The beneficiary … Read More